Are you Pillar Two ready?

The rules 

Large multinationals are currently facing the challenges of the Pillar Two legislation which aims to establish a global minimum corporate income tax rate of 15%. The legislation has introduced two new concepts: GloBE Income and Adjusted Covered Taxes. Both of those concepts/calculations have a starting point within the finance data and proceed with numerous adjustments. However, Pillar Two has also introduced the Transitional Safe Harbour. This is a simplified test per jurisdiction, and when met, an exemption for the GloBE Income and Adjusted Covered Taxes calculation applies.  

The impact 

Pillar Two requires companies to understand and report on around 200 data points, to have an excellent documentation, to be in control of the process and to finalize the Pillar Two calculation within limited time per entity in different jurisdictions.  

This will have a huge impact on your organization, where you need to free up resources to first assess the situation and secondly move to changing the existing processes and software solution in order to establish a permanent state of control. 

How Taxvibes helps 

As a renowned tax automation company, Taxvibes took on this Pillar Two challenge with enthusiasm and made it its mission to help companies understand, prepare and execute the steps to be Pillar Two ready. Just like CCH Tagetik did. Taxvibes uses its experience in over 50 automation projects to bridge the gap between finance, tax, and IT to engage with clients. 

A silver bullet to solve the administrative burden for the first phase of Pillar Two is yet to be found. What we offer is the next best thing: a guided step-by-step approach to make sure your organization spends as little time as possible. That’s why Taxvibes created the Taxvibes Pillar Two Template. We can use our knowledge around automated calculations, and project approach to utilize CCH Tagetik towards maximum automated control. Please feel free to reach out to us if you would like to know more. 

Learn from all our experiences 

Taxvibes works closely with CCH Tagetik with their Pillar Two solution: a solution that is very powerful to be also used in the data collection phase.  

We frequently organize round table sessions. This means a select group of specialists will come together at Taxvibes’ office in The Hague for an insightful discussion, idea sharing and exchanging experience. If you are interested in sessions like this submit the form below: